Hong Kong Business Association Event - Thorntons Accountants & Business Advisors

16 December 2019

Hong Kong Business Association Event

The Federation of Hong Kong Business Associations Worldwide is a unique network of 41 Hong Kong Business Associations in 30 countries and regions with over 13,000 individual associates.

These Hong Kong Business Associations were started by overseas traders, buyers and professionals, who have strong business links to Hong Kong in their respective countries, for the purpose of networking and exchanging of business information and ideas.

Our very own Isabella Li is a member of this Association and made a captivating speech at their latest networking event in Northbridge last week. The main focus for Isabella was 3 helpful tips to reduce small business tax liabilities.

From 2 April 2019, you can claim an instant deduction for each asset that cost less than $30,000 (inclusive of GST) when the asset was first used or installed ready for use. The business turnover threshold has also increased from $10 to $50 million.
As for super contribution, you are allowed to carry forward any unused concessional contributions cap from 1 July 2018. For example, if you sold some shares this year and made a capital gain, you could possibly make $25,000 concessional contributions plus any unused contributions from the 2019 financial year to reduce your tax bill. However, this is only available to the individual who has a total superannuation balance of less than $500,000 at the end of 30 June in the previous year and this can only be carried forward up to five years.
With single touch payroll, this is a new requirement to report employee’s information to the Tax Office electronically. If you are new to business and employing people for the first time or the accounting software you currently use is not Single Touch Payroll compliant, we at Thorntons are able to assist in the transition

If any of these topics interest you please contact us for further information.

You are just Simply the Best!!!!! We would never have got through all of this, without your brilliance, expertise and compassion! You are greatly appreciated!

DA Lynch & TD Lynch & the Westocutty Trust

Our farming business has been connected with Thorntons since their business commenced in Cunderdin. From Bill Thornton to his son Mark and now Bill Mattingly, we have found them to be a very professional, knowledgeable and friendly Business Advisory team. They cover all areas of our business needs, from accounting services, tax planning to farm business succession; they are an integral and very important part of our business. I would have no hesitation in recommending Thorntons to any farming business

David Beard, Beard Nominees Pty Ltd, Cunderdin WA

Troy came highly recommended when we were looking around for an accountant who wanted to be a ‘partner’ in our business rather than just a compliance service provider. We also needed assistance navigating farm succession. Troy has been a pleasure to deal with and any team member we have worked with throughout Thorntons has been exceptional – upbeat, knowledgeable and responsive. Troy is accessible, takes a genuine interest in his clients and is only too happy to get out on farm. He is intuitive, patient, and able to quickly get to the core of what humans need during challenging conversations - keeping things moving forward. Troy’s integrity and experience in negotiating succession is evident from introduction and we have really appreciated the next level of organisation Thorntons bring! Wish we had changed sooner!

Jason & Renaye Stokes, CJ Stokes and Son, Chapman Valley

We have been with Thorntons since 2004. They have uncompromisingly provided our farm with advice above and beyond accounting services. The way they provide us with advice makes us know they care about our success. They update us with the latest legislative changes that may benefit our operations and communicate it to us in our lingo. We find we can call Thorntons anytime and all of the staff are able to help. Troy Anderson has been the expert behind our succession planning with fairness and authority he has facilitated our move forward and assisted us to be our best. Trusting Thorntons with our business gives us more time to focus on operations knowing they are always giving us the best advice.

Paul & Jocelyn Seymour, DJ Seymour & Co, Miling WA

Troy has been our accountant for five years and we always find him to be very professional, friendly and of high integrity. He responds promptly to any queries we have and gives sound advice. We would highly recommend Troy to anyone looking for an excellent accountant.

Juliet Vilé, Fencespot, Wangara WA

We recently made some changes in our life, moving from broad acre farming in the Wheat Belt to owning an Irrigation business in the South West. In doing so, we researched for a new accountant who understood broad acre farming, small business as well as assisting us with sound financial advice for our future. Thornton’s were recommended to us by several friends. We are really happy with how accessible the team are at Thornton’s, their level of knowledge and continuous communication.

Tom & Felicity Pollard, Thinkwater, Dunsborough WA

Thorntons is one of the best accounting firms I have dealt with. We always receive honest and professional advice especially from Troy and his team. I would strongly recommend this company without hesitation.

Gavin Vilé, Fencespot, Wangara WA

We have been with Thorntons for over 30 years. Troy Anderson our accountant for the last 15 years has always had our back. Troy has not only helped us with day to day accounting but careful tax planning and a delicate succession plan has been achieved with success. I am very happy with the service we receive and consider Troy as one of my true friends.

Doug Ellis, PJ Ellis & Co, Kulin WA

Perth Anaesthetic Group has worked with Thorntons Accountants and Business Advisors since 1987. I have personally worked alongside Abha and the team for the last 8 years, within this time I have found their services and professionalism to be exceptional. Company financials are always completed as per the scheduled date and professionally presented. In recent times with Covid, being a small business we have needed help with Jobkeeper and eligibility for Stimulus packages, I have found Abha and the team have gone above and beyond to help and guide us to ensure we have the most up to date information to determine eligibility. I am reassured having Thorntons as our Accountants/Business Advisers and look forward to continuing working with Abha and the team.

Jane McGrath – Practice Manager – Perth Anaesthetic Group

We have numerous mutual farming clients with Thorntons and find them to be exceptional accountants and advisers. They know their ‘stuff’, communicate exceptionally well, deliver on time and work hard to provide solutions for clients that take into account not just the best short term outcomes but those that better position the business for the future.

Cameron Weeks, Planfarm Director

I work collaboratively with Troy, Marie and their team in the areas of estate planning, farm succession planning and related party property transactions. Troy and Marie's attention to detail and professionalism are of the highest standard and they work hard to attain practical and viable business solutions for their clients. They are both clear communicators, accessible and a pleasure to work with.

Julie Murray, Solicitor, Yarramundi Law

Our company has found Marie and the team at Thorntons to be extremely helpful in their approach to our business. They are always ready with a reply to our emails or phone calls. Nothing is too much trouble for Marie and the team, they go above and beyond to help us with our taxation. I would recommend them anytime.

Splitrock Farming Co., Kerry Robinson

Our business relationship with Thornton's goes back many years, in fact we may well be their longest running client, having been with them for over 40 years. We have come along way from humble beginnings as a bricklaying contractor to where we are today as an established leader in the field of commercial heritage restoration and sustainable building design in multi-unit residential developments, however, the level of respect, service and courtesy has admirably remained unwavering over that time. Thornton's have constantly provided service of the very highest level, are responsive to our needs and are progressive in their offerings without ever being pushy. Importantly, the people we need to speak to are always available when we need assistance or advice on a range of matters and deliver when they say will. They are one of our most trusted partners in business. Importantly, the relationship while professional, is always conducted in a friendly and open manner. We would recommend Thornton's in the highest possible terms to any potential clients.

Daniel Colgan – Director – Colgan Industries Pty Ltd